Iron Ore DCE Jan25 Daily Technical Review 07/08/24

Verdict- Neutral.

DCE iron ore corrected with growing open interest. The area 732.0-740.0 potentially provide strong support. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly iron ore were testing the low in C wave according to Elliot Wave Analysis. However a stablise on this C wave potentially mean the short-run correction called an end.

First support 732.0. First resistance 788.5.